Bitcoin Bears Near Defeat as Key $64K Level Looms, Says Top Analyst

A well-known crypto analyst suggests that Bitcoin bears may soon lose their grip as the leading digital asset continues to demonstrate resilience.

The analyst, known as Cred, shared that the $64,000 price mark is a critical point for Bitcoin bears. He believes that if Bitcoin secures a weekly close above this level, it could shift the asset’s market structure from bearish to bullish.

So far, Bitcoin has only formed lower highs on the weekly timeframe, Cred explains. He views this price region as the last opportunity for bears to maintain control.

However, a weekly close above $64,000—especially if driven by strong momentum—would likely signal a bullish shift in the market structure, marking a significant break from the previous trend.

Cred outlines two potential outcomes if Bitcoin closes above $64,000: either a rapid surge without much of a pullback or a temporary retracement that sets up a bullish higher-low formation.

Another crypto strategist, DonAlt, agrees with Cred’s assessment, suggesting that bears are on the verge of being proven wrong.

Bears are very very close to being wrong here pic.twitter.com/IE8KT1KPJZ

— DonAlt (@CryptoDonAlt) September 21, 2024